City of Prague agreed to acquire VN 42, s.r.o from Komercní banka, a.s. (SEP:KOMB) on March 26, 2024. City of Prague signed an agreement to acquire VN 42, s.r.o from Komercní banka for for CZK 3.5 billion on June 21, 2024. VN 42, s.r.o owns the historic building at Václavské námestí 42. The purchase price consists of The first amount corresponds to the value of the property Václavské námestí 42 of CZK 3.32 billion. The second part will be the value of the subsidiary?s other assets and liabilities. As a result the total value of the transaction could exceed CZK 3.5 billion. On March 12, 2024 Komercní banka, through Knight Frank, spol. s r.o., invited interested parties to submit offers for the purchase of VN 42, s.r.o. On March 26, 2024 after evaluating the bids received, the Board of Directors of KB decided to start negotiations on the terms of a possible sale of VN 42, s.r.o. with the best bidder, the City of Prague. Based on the negotiations, a contract was prepared, which was approved by the Prague City Council on June 10, 2024, on June 17, 2024 by the Board of Directors of Komercní banka approved the transaction and on June 20, 2024 by the Prague City Assembly approved the acquisition. The final purchase price will be determined on the basis of the financial statements of VN 42, s.r.o. as at June 30, 2024. The expected completion of the transaction is at the beginning of July 2024.

City of Prague completed the acquisition of VN 42, s.r.o from Komercní banka, a.s. (SEP:KOMB) on July 1, 2024. Michal Hink, David Pady?ák of DLA Piper Prague LLP acted as legal advisor to Komercní banka, a.s. on the sale.